The Board of Managers, as soon as may be convenient after appointment, shall meet and organize by selecting one of their number to be President, another of their number to be Clerk and another to be Treasurer, who may or may not be a member of the Board.
(A) Treasurer.
(1) The person selected as Treasurer, before entering upon the duties of the office, shall execute a bond to the state for the use of the Board. The bond shall be in the penal sum of not less than double the value of the money or funds coming into his or her hands as Treasurer, conditioned for the faithful performance of duties and for the faithful accounting for all money or funds which, by virtue of the office, comes into his or her possession and to be in the form and with securities as may be prescribed and approved by the City Council to be approved and preserved in the same manner as the bond of the City Treasurer.
(2) The Treasurer shall have the custody of all money and property received in trust by the Board and shall pay out the same only upon the written order of the Board, signed by the President and Clerk.
(3) The Treasurer shall keep permanent books and records of all trust funds and all receipts and disbursements and for what purposes received and disbursed.
(4) The Treasurer annually shall make a written report under oath to the Board showing balances, receipts and disbursements, including a statement showing the amount and principal of trust funds on hand and how invested. The report shall be audited by the Board and, if found correct, shall be transmitted to the City Council at the same time the City Treasurer is required by law to make his or her report to be approved and preserved in the same manner.
(B) The Clerk of the Board shall keep a permanent record of the proceedings of the Board, signed by the President and attested by the Clerk, and also shall keep a permanent record of the several trust funds from what sources received, the amounts thereof and for what uses and purposes, respectively.
(Ord. O-86-11, passed 11-17-86)